The forest of cranes along the skyline of Milan attests to the construction boom that is under way in the financial capital of Italy. Rich foreigners have lately been flocking to the city, drawn not only by the promise of la dolce vita, but by the country’s annual flat tax of €200,000 ($230,000) on worldwide income. Yet Italy as a whole continues to stagnate. The economy has barely grown over the past decade. In June the national statistics bureau downgraded its forecast for growth this year from a measly 0.8% to an even more paltry 0.6%.
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